Required information With a perpetual system, it is sometimes necessary to make an adjustment for inventory...
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Required information With a perpetual system, it is sometimes necessary to make an adjustment for inventory shrinkage, which is normally charged to Cost of Goods Sold. New revenue recognition rules require additional adjusting entries that are explained in the appendix. Temporary accounts closed to Income Summary for a merchandiser include Sales, Sales Discounts, Sales Returns and Allowances, and Cost of Goods Sold. Knowledge Check 01 The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000: Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, www Note: Enter debits before credits. General Journal Debit Credit Journal entry worksheet < Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Note: Enter debits before credits. Date Dec. 31 Record entry General Journal Clear entry Debit Credit View general journal 3 Required information With a perpetual system, it is sometimes necessary to make an adjustment for inventory shrinkage, which is normally charged to Cost of Goods Sold. New revenue recognition rules require additional adjusting entries that are explained in the appendix. Temporary accounts closed to Income Summary for a merchandiser include Sales, Sales Discounts, Sales Returns and Allowances, and Cost of Goods Sold. Knowledge Check 01 The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000: Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, www Note: Enter debits before credits. General Journal Debit Credit Journal entry worksheet < Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Note: Enter debits before credits. Date Dec. 31 Record entry General Journal Clear entry Debit Credit View general journal 3
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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